For Multifamily Executive, Hamilton Zanze CEO Kurt Houtkooper details the reasons for optimism about the multifamily market and his company’s plans for 2024.Read
Seattle Apartment Vacancies Drop Despite New Supply
Dupre + Scott reports the overall apartment vacancy rate in the Puget Sound region fell from 5.5% a year ago to 4.6% today, despite the 7,200 new apartment units that came online during the period. This is the most units to come online in a year since the early 1990s. This spike in demand is partly due to the 49,900 new jobs created in the region in the past year.
As apartment demand continues to increase, rents in the Puget Sound have risen correspondingly. Region-wide average rents jumped 6.6% year-over-year to over $1,100 and are expected to gain another 2.7% by March 2014.
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